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Bulletin: Li & Fung Ltd. Rating Not Affected By Acquisition
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
HONG KONG (Standard & Poor's) Feb. 13, 2007--Standard & Poor's Ratings Services said today that Li & Fung Ltd.'s acquisition of the global sourcing operations of Tommy Hilfiger U.S.A. Inc. increases its designer brand sourcing capabilities and has no impact on the rating (A-/Stable/--). The US$247.8 million acquisition is expected to be financed from internal cash reserves, which were bolstered by a Hong Kong dollar (HK$) 2.7 billion share placement in late 2006. Li & Fung has a good history of acquiring and integrating complementary businesses. In 2006, it acquired U.S.-based Oxford Womenswear Group for US$37 million, Rosetti Handbags for US$162 million, and the purchasing arm of KarstadtQuelle SA for Euro60 million. Li & Fung's acquisition efforts are expected to...
Companies mentioned in this report are: Li & Fung Ltd.
Action: Bulletin
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